The sharp fall in its share price had earlier prompted the suspension of the stock’s intraday short selling after dropping more than 15%. It will resume tomorrow morning.

The counter closed 26 sen or 32.5% lower at 54 sen, valuing the group at RM362.5 million. It was the most actively traded stock on Bursa Malaysia with 86.8 million shares changing hands.

Year-to-date, Penang-based Globetronics’s share price has plunged 66.3%.

Meanwhile, APB Resources Bhd, a substantial shareholder of Globetronics with a 10.37% stake, also had its intraday short selling suspended today after it fell to its intraday-low of RM1.12, down 24 sen or 17.6%.

It managed to recover much of its losses at the closing bell, ending six sen or 4.4% lower at RM1.30, valuing it at RM146.7 million. APB is a fabricator of process equipment for the oleo-chemical, oil and gas, energy and petrochemical industries.

In a bourse filing today, Globetronics announced it received yesterday a notice dated Sept 4 from KPMG on its voluntary resignation as the company’s auditor. It said KPMG’s term of office will be ending after 21 days from Sept 4, 2024.

“Save for the above, the board of directors wishes to inform that the company is not aware of any other matters that need to be brought to the attention of the shareholders,” it added.

Listed on the local bourse in 1997, Globetronics was co-founded by its former executive chairman Ng Kweng Chong.

EPF is the company’s largest shareholder with a 13.26% stake, followed by Ooi Keng Thye (11.39%), APB (10.37%), and Lembaga Tabung Haji (5.36%), as of March 29, 2024.

In the first half ended June 30, 2024, its net profit dipped 3.69% to RM10 million from RM10.38 million while revenue fell 10.8% to RM57.66 million from RM64.64 million.